The Treasury Department has imposed sanctions on Bank of East Land, also
known as Dongbank Bank. Treasury said the North Korean bank has been
facilitating weapons exports to Iran and other Middle East clients.
"Bank of East Land is a major conduit for facilitating North Korea's
conventional arms trade," Treasury Undersecretary David Cohen said. "Today's
designation exposes North Korea's efforts to circumvent sanctions to conduct
illicit activities and degrades its ability to abuse the international
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Officials, however, acknowledged that the Pyongyang bank was not known
to have assets in the United States. They said leading members of Congress
have complained that the sanctions on Iran and North Korea imposed over the
last two years have been ineffective.
In an April 19 statement, Treasury said the North Korean bank supported
arms exporter Green Pine Associated Corp. Treasury said the bank was working
with Green Pine to transfer funds in an effort to circumvent U.S. sanctions
on North Korea and Iran.
"In 2007 and 2008, Bank of East Land facilitated transactions involving
Green Pine and designated Iranian financial institutions, including Bank
Melli and Bank Sepah," Treasury said.
Green Pine was described as specializing in maritime military craft and
armaments. Treasury cited submarines, military boats and missile systems,
and said Green Pine has exported "torpedoes and technical assistance to
Iranian defense-related firms."